CBSE Class 7 Social Science Banks and the Magic of Finance (Class 7 NCERT New) Quiz 1

1. Long ago, why was barter replaced by coins and money?

A Because people wanted shiny objects B Because barter was inconvenient and unfair C Because coins were easier to steal D Because rulers forced people to use coins

2. If you had $100 for daily expenses, which account would be smarter to use?

A Checking Account B Savings Account C Certificate of Deposit D Money Market Account

3. You want to build an emergency fund you can access anytime. Which account works best?

A Checking Account B Savings Account C Certificate of Deposit D Money Market Account

4. You received $500 that you don’t need for 2 years. Which account gives higher returns if you don’t touch it?

A Checking Account B Savings Account C Certificate of Deposit D Current Account

5. If a bank pays 4% on deposits but charges 9% on loans, how do they earn?

A By magic B From the difference between loan and deposit interest C From taxes paid by people D From RBI subsidies

6. Which of these is the riskiest digital banking behavior?

A Using UPI on your own phone B Sharing your PIN or OTP with someone C Withdrawing from an ATM D Depositing money in a branch

7. If banks didn’t exist, which would be the biggest challenge for you?

A Not being able to play games online B Not being able to store or grow money safely C Not being able to go to malls D Not being able to learn history

8. Why don’t people just use one account for everything?

A Because banks want to confuse us B Because different accounts serve different purposes C Because the government doesn’t allow it D Because people like variety